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February 28, 2012
By ATSUKO FUKASE
TOKYO—Japan's Financial Services Agency said Wednesday it has ordered all 265 investment-advisory firms in Japan to report on their asset management by March 14, following the launch of a regulatory probe into billions of dollars of missing funds managed by AIJ Investment Advisors Co.
Japan's regulators said they will check whether firms have set up investment trust funds overseas, if they use outside auditors, and on other details such as the contracts they have with clients.
If the FSA finds that some firms require further examination, the regulator will conduct a second inspection by the end of March.
The FSA last week ordered the suspension of operations at AIJ, with most of the ¥183 billion ($2.27 billion) in funds under its management missing.
The Securities and Exchange Surveillance Commission is still investigating the firm, suspecting it may have misled its clients about high investment performances in its reports over the years.
http://online.wsj.com/article/SB10001424052970204520204577252143416119840.html?mod=googlenews_wsj
Real shocking for almost 880,000 retirees expecting to receive their retirement benefits. Will this be the same for our CPF, since the government is making excuses in delaying CPF payouts?
By ATSUKO FUKASE
TOKYO—Japan's Financial Services Agency said Wednesday it has ordered all 265 investment-advisory firms in Japan to report on their asset management by March 14, following the launch of a regulatory probe into billions of dollars of missing funds managed by AIJ Investment Advisors Co.
Japan's regulators said they will check whether firms have set up investment trust funds overseas, if they use outside auditors, and on other details such as the contracts they have with clients.
If the FSA finds that some firms require further examination, the regulator will conduct a second inspection by the end of March.
The FSA last week ordered the suspension of operations at AIJ, with most of the ¥183 billion ($2.27 billion) in funds under its management missing.
The Securities and Exchange Surveillance Commission is still investigating the firm, suspecting it may have misled its clients about high investment performances in its reports over the years.
http://online.wsj.com/article/SB10001424052970204520204577252143416119840.html?mod=googlenews_wsj
Real shocking for almost 880,000 retirees expecting to receive their retirement benefits. Will this be the same for our CPF, since the government is making excuses in delaying CPF payouts?
